Frontier (FTR) was downgraded to underperform from neutral at DA Davidson DA Davidson. $5 12-month price target. This was a valuation call, as the dividend is not likely to increase, DA Davidson said.

Huntington Ingalls (HI) was downgraded to neutral from buy at Bank of America/Merrill Lynch. $106 12-month price target. This was a valuation call, as the stock is up 11% year-to-date, BofA/Merrill said.

L-3 Communications (LLL) was upgraded to buy from underperform at Bank of America/Merrill Lynch. $146 12-month price target. The company is seeing higher pension income and paying down convertible debt, BofA/Merrill said.

Range Resources (RRC) was upgraded to buy from neutral at Goldman Sachs. $110 price target. The company was also placed on the Conviction List and will likely realize higher Marcellus gas results, Goldman said.

Steel Dynamics (STLD) was upgraded to outperform from market perform at Cowen. $24 12-month price target. The company should benefit from improved industry pricing, Cowen said.

Editor's note: To see analysts' stock comments and changes to price targets and earnings estimates, go to "Street Notes" which is available only to Real Money subscribers. To find out how to become a subscriber, please click here.